national mutual insurance federation of …...ja group’s agricultural cooperative insurance...

ANNUAL REPORT 2009National Mutual Insurance Federation of Agricultural Cooperatives

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Enhancing Value in Life

Wisteria at the Kasuga Shrine (Nara)The wisteria flower (fuji in Japanese) was the crest (mon) of the famous Fujiwara family, the most powerful clan of aristocrats in Japan throughout the 400-year-long Heian period (794-1185). The gardens of the Kasuga Shrine, which was built by the Fujiwara clan, are famous for the wisteria blossoms that bloom every spring, reminding visitors of the heyday of the Fujiwara nobles.

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1ANNUAL REPORT 2009

PRINCIPAL BUSINESS INDICATORS ZENKYOREN’S VISION As of March 31, 2009 and 20081US$=98.23JPY (as of March 2009)

Zenkyoren's Basic Medium-to-Long-Term ObjectivesIn its three-year business plan covering the period

FY2007-2009, the National Mutual Insurance Federation of

Agricultural Cooperatives, known as Zenkyoren, has declared

its medium-to-long-term business objectives, as well as its

basic operating philosophy, as detailed below. Zenkyoren is

working to ensure the provision of a reliable service giving

comprehensive security and full satisfaction to its cooperative

members and customers.

Our Medium-to-Long-Term Business Objectives

Expanding our organizational and business bases by

strengthening ties of trust and cultivating new partners

We work to ensure the livelihoods of policyholders, expand

our mutual aid network to include new partners, and

encourage agricultural cooperatives members to understand

and participate in cooperative activities.

Basic Strategies

Zenkyoren offers a full range of comprehensive insurance

products and services to cater to the diverse needs of its

cooperative members, customers and communities. At the

same time, we practice rigorous legal compliance and conduct

our business operations with integrity.

During fiscal 2009, which is the final year of Zenkyoren’s

current three-year business plan, we are tackling the eight

points below on a priority basis.

1. Ensuring thorough implementation of our policy of paying

person-to-person visits to all members and policyholders

2. Strengthening our marketing of Automobile and Medical

Insurance policies

3. Taking steps to raise the trustworthiness of JA cooperative

insurance and realize greater satisfaction for members and

policyholders

4. Strengthening our support for Agricultural Cooperatives

5. Realizing greater community services and social

contributions as JA cooperative insurance

6. Redesigning our investment portfolio to adapt to the

changed investment environment

7. Appropriately responding to changes in Japan’s insurance

legislation

8. Preparing for the next three-year business plan

ContentsZenkyoren’s Vision

Message from the Management

JA Group

Types of Insurance

Asset Management

Reinsurance Business

International Initiatives

Domestic Initiatives

Social Responsibilities

Business Operations

Balance Sheet

Income Statement

Supervisory Board, Board of Auditors and Board of Directors

History

1

2

4

6

8

9

10

11

12

14

18

19

20

21

ProfileZenkyoren (the National Mutual Insurance Federation of

Agricultural Cooperatives) was founded in 1951 to create

“mutual aid” through cooperation under the motto “one for all,

all for one.” The JA Group (Japan Agricultural Cooperatives),

to which Zenkyoren belongs, conducts a variety of businesses

and provides a wide range of services through its societies

(agricultural cooperatives). Zenkyoren is responsible for the

JA Group’s agricultural cooperative insurance business.

Number of employees: 6,248 (as of March 31, 2009)

The fundamental goal is to assist members in establishing

stable and secure farming and higher standards of living by

insuring them against accidental loss of life and property

damage. We meet this goal by offering both life and

non-life insurance.

Zenkyoren continues to strengthen cooperative relationships

with local primary societies to provide members with

improved services and a greater sense of security.

Long-Term Insurance:

New Business (Amount Insured)

Policies in Force (Amount Insured)

Short-Term Insurance:

New Business (Premiums)

Total Premiums Received

Total Assets

¥ 27,272

330,190

346

5,488

43,210

¥ 30,758

340,948

366

4,731

43,517

$ 277,639

3,361,397

3,523

55,872

439,890

FY2008 FY2008FY2007

Billions of Yen Millions of U.S Dollars

(Billion ¥)

(FY) 2004 2005 2006 2007 20080

35,000

30,000

25,000

20,000

15,000

10,000

5,000

(Billion ¥)

(FY) 2004 2005 2006 2007 20080

45,000

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

(Trillion ¥)

(FY) 2004 2005 2006 2007 2008

400

300

200

100

0

Long-Term InsuranceNew BusinessAmount Insured

Long-Term InsurancePolicies in ForceAmount Insured

Total Assets

Regarding fractional figure processing Fractions in both yen and dollars amounts and the number of policies have been rounded down.

Fractions in the component ratio and year-on-year comparison have been rounded off.

MESSAGE FROM THE MANAGEMENT

Shunichiro YasutaChairman of the Supervisory Board

3ANNUAL REPORT 2009

Kazumi ImaoPresident of the Board of Directors

ANNUAL REPORT 20092

MESSAGE FROM THE MANAGEMENT

The Changing Business Environment in Fiscal 2008 Fiscal 2008 saw difficult conditions in both the economy as a

whole and the agricultural operating environment, owing to

high prices of oil and other production materials such as

fertilizers and animal feed, as well as the economic downturn

triggered by the U.S. financial crisis. While Zenkyoren too has

been affected by the recent credit crunch, we have

nevertheless been able to realize a solid business performance

by following our basic policy of seeking long-term, stable

earnings.

Meanwhile, against the backdrop of a succession of scandals

involving food safety, the attention of Japanese consumers

has become focused more than ever on safety and reliability of

food, and consumers have been deserting imported food

products in favor of home-grown produce. Zenkyoren aims to

widely publicize its role of Japan’s agriculture and JA, as a

member of the JA Group, in ensuring a sufficient supply of safe

and reliable agricultural and livestock products through a

national campaign for local production and local consumption.

The financial crisis that triggered the current economic

downturn has highlighted some of the shortcomings of the

principles of market fundamentalism and the ideology of

globalism. In view of this, the social role of cooperative

societies such as Zenkyoren, whose business activities are

based on the principle of mutual aid, is expected to become

increasingly important.

Despite the rapidly changing business environment, we at

Zenkyoren will continue working to earn the trust of our

members and customers by offering services that meet their

diverse needs. In addition, we will ensure strict legal

compliance and maintain high ethical standards in the conduct

of our business, enabling us to provide services with an

optimum level of safety and customer satisfaction.

Measures Taken and Business DevelopmentsBusiness Performance

Amid an extremely severe business environment, we continued

to carry out personal visits to all members and policyholders,

as set down in our current three-year business plan. We also

strengthened our marketing for achieving targets for each type

of insurance products. Consequently, we recorded good

results in sales of new-type Endowment Life Insurance policies.

Thanks to this, total sales of Life Insurance policies nationwide

reached our target.

In Automobile Insurance, in spite of a steep declining trend in

the number of new vehicles sold, we recorded a steady trend

in policyholders switching to the new Family Automobile

Insurance policy that we launched in October 2008. As a result,

total sales of Automobile Insurance policies achieved the same

level as for the previous term.

Claims paid, including both payments at maturity and upon

occurrence of an accident, came to ¥4,118.7 billion, providing

financial resources for members and customers. These

resources enabled them both to provide for their living security

and to engage in reconstruction following natural disasters

such as earthquakes and floods.

In fiscal 2009, the final year of our current three-year business

plan, we will be taking further steps to ensure regular personal

visits to all members and policyholders. This is in line with our

slogan of “Strengthening Ties and Finding Partners: Actions to

Win Support for Zenkyoren”. We intend to address the needs

of all JA Cooperatives members and customers through the

provision of enhanced financial security.

Development of New Insurance Products

We took further measures during the reporting period to

provide JA Cooperatives members and customers with

comprehensive life security.

In April 2008 we launched a new type of Endowment Life

Insurance policy, involving single premium payment in return

for coverage for a fixed term, to meet our policyholders’ need

for wealth-building. We also started a new type of Medical

Insurance plan for middle-aged and elderly policyholders that

allows them to simplify health-check procedures for

application to the policy. In October 2008 we launched a new

Further Cementing the Relationship of Trust under JA Cooperative

Insurance between Zenkyoren and its Members and Customers

type of Family Automobile Insurance policy with full safeguards

and concise terms. Finally, in April 2009 we responded to our

policyholders’ rising need for wealth-building by raising the

entry age limit and maximum insurance amount for

savings-type Whole Life Insurance policies.

In April 2010, new insurance legislation will go into force aimed at

strengthening protection for insurance policyholders by upholding

their contractual rights. In addition to revising the terms and

conditions of its insurance policies in compliance with the new

legal ground rules, Zenkyoren will also be adopting a proactive

response to this change by taking various measures to improve

customer satisfaction. These measures will include speeding up

payment procedures, simplifying insurance products and making

insurance clauses easier to understand, and providing customers

with improved explanations of insurance products through the

distribution of pamphlets and other materials.

We will continue striving to understand our customers’ wide

range of insurance-related needs so as to provide even more

individually-tailored comprehensive life security plans. This will

further strengthen ties with JA and members/customers, and

will help to attract new partners .

Securing Financial Soundness and Ensuring Trustworthiness

Regarding our investment activity during the reporting term, in

view of our responsibility to provide a liability reserve for the

future payment of insurance coverage, we follow a policy of

ensuring stable, long-term earnings to ensure our ability to pay

all insurance coverage required under any conditions.

Zenkyoren’s investments therefore center on yen-denominated

bonds linked to the levels of interest rates in Japan, such as

government/corporate bonds, and loans to blue-chip companies.

At the same time, we also make investments in equities and in

foreign currency-denominated bonds in a cautious investment

stance, as a means of raising our total earnings.

Fiscal 2008 saw stock prices plunge in response to the worldwide

economic downturn triggered by the global financial crisis, while the

yen appreciated against other major currencies. However, Zenkyoren’s

solvency margin, a key indicator of corporate financial soundness,

recorded a slight decline to 860.4% from the previous term’s 879.1%,

giving us a sufficient level for the future payment obligations.

During fiscal 2009, Zenkyoren’s investments will continue to be

focused on trustworthy yen-denominated financial products such

as Japanese Government Bonds, and we will take a cautious

stance to secure stable returns on our investments in equities and

foreign currency-denominated bonds. In this way, we aim to

realize sound and secure management while maintaining

adequate financial soundness.

* Please note that a simple comparison of this figure with the corresponding

indicator for Japanese life and non-life insurance companies is not possible

due to differences in the scope of business.

JA GROUP

Guidance

Marketingand

Purchasing

Credit

Insurance

Welfare

ZENCHUCentral Union of

Agricultural Cooperatives

ZENKYORENNational Mutual Insurance Federation of


ZENKORENNational

Welfare Federation ofAgricultural Cooperatives

CHUOKAIPrefectural Unions of


National LevelPrefectural Level

ZEN-NOHNational Federation of

Agricultural Cooperative Associations

KEIZAIRENPrefectural

Economic Federations ofAgricultural Cooperatives

737Agricultural

Cooperatives(Primary Societies)

as of July 1, 2009

Local Level

9.4 millionMembers

as of March 31, 2008

SHINRENPrefectural Credit Federations of


KOSEIRENPrefectural

Welfare Federations ofAgricultural Cooperatives

The large triangle of the JA logo represents nature and the earth, while the small triangle represents a person. The circle on the leftsymbolizes the wealth of farming and the fruits of the harvest, as well as the harmony of people based on a spirit of cooperation.

Organizational Structure of the JA Group

NORINCHUKIN BANK(Central CooperativeBank for Agriculture,

Forestry and Fisheries)

JA GROUP

About the JA GroupJapan Agricultural Cooperatives Group (the JA Group) is a

national organization of farmers established in accordance with

the Agricultural Cooperative Society Law. Based on a spirit of

mutual aid, the JA Group undertakes cooperative business and

other activities, for the purpose of enhancing agricultural

operations and improving the standard of living among

farmers. The JA Group provides its members with five essential

services: insurance, guidance, credit, marketing and

purchasing, and welfare.

The agricultural cooperative system previously featured a

three-tiered structure organized on local, prefectural and

national levels. Under this system, prefectural federations

provided local agricultural cooperatives (primary societies)

with supplementary functions, by conducting activities that the

primary societies themselves were unable to perform. The

national federation provided complementary functions to

support the prefectural federations and make the group’s

activities more effective.

To cope with intensified global competition, the JA Group is

reforming the organization and its business operations, with

the aim of further improving agricultural operations and the

living standard of farmers in years to come. Integration of

prefectural and national federations, and the consolidation of

local primary societies, are being encouraged as a way to

enhance the functionality and effectiveness of the three-tiered

organizational structure.

The JA Cooperative Insurance BusinessThe JA Group’s agricultural cooperative insurance business

offers products and services designed to protect our members’

well-being, provide financial security, and improve their lifestyles.

In April 2000 Zenkyoren (then national federation only) merged

with prefectural insurance federations, thus forming a

two-tiered operation with each tier performing its distinct

functions. This merger further tightened the bonds between

Zenkyoren and primary societies. It also reduces operating

costs while giving members better services and a greater

sense of security.

The primary societies provide customers with consulting

services and communicate directly with members in response

to claims.

The primary societies and Zenkyoren jointly underwrite the

insurance policies.

Division of Roles between Primary Societies and ZenkyorenPrimary Societies (Agricultural Cooperatives):

At the local level, the primary societies provide direct liaison

with members and handle policy administration, processing

and contract maintenance, as well as the payment of claims.

They also provide members with various kinds of information

related to the purchase of cooperative insurance policies.

Zenkyoren:

Zenkyoren’s services can be divided roughly into four areas.

Together, these services provide comprehensive security to

policyholders.

(1) Protection against risks, and money-saving functions

(2) Finance-related services

(3) Information services

(4) Welfare services

The national headquarters of Zenkyoren engages in a wide

range of agricultural cooperative insurance activities that

include planning and management, product development,

underwriting, and providing information and materials for sales

promotion, as well as planning and execution of public

relations activities. The national headquarters also manages

investment funds, develops and operates information systems,

holds educational and training programs, and conducts

welfare activities. In addition, it supports the payments of

claims performed by the prefectural headquarters.

Zenkyoren’s prefectural headquarters support various

activities carried out by the primary societies, and also play

a pivotal role in payments of claims.

5ANNUAL REPORT 2009ANNUAL REPORT 20094

Major Types of InsuranceLIFE INSURANCE

Comprehensive Life Insurance

Comprehensive life insurance is a general term encompassing

five basic types of life insurance. A comprehensive range of

benefits, including those for death, disability, hospitalization,

and medical treatment, is obtainable by combining various

riders from each type.

1 Whole Life Insurance

Under this policy, claims are paid upon death or serious

disability of the insured. The objective is to protect the

livelihood of the family of the insured.

Conditions can be changed according to policyholder needs.

2 Endowment Life Insurance


disability of the insured, or survival beyond the maturity date.

The objective is to protect the livelihood of the family of the

insured and to serve as a savings vehicle to help provide

financial security to policyholders during old age.

3 Term Life Insurance


disability of the insured. The objective is to protect the

livelihood of the family of the insured.

Since claims are not paid on maturity, premiums are less

expensive than those for Endowment Life Insurance.

4 Annuity Insurance

Under this policy, annuities are paid every year beyond a date

specified in the policy, throughout the lifetime of the insured to

help provide financial security.

5 Children's Insurance

This insurance systematically accumulates funds for the

education, marriage, and so on of policyholders’ children.

Claims are paid upon death or serious disability of the insured,

or survival beyond the maturity date or prescribed age, or

upon the death or disability of the policyholder (insured’s

parent or relative). In the event that the policyholder dies or

suffers serious disability, an endowment pension is paid and

premium payments are no longer required.

6 Medical Insurance

This policy covers the cost of hospitalization, including surgery,

in the event of illness or injury. In addition to whole-life plans,

limited period plans (Term Medical Insurance) are also available.

NON-LIFE INSURANCE

Building Endowment Insurance

This policy insures buildings and movable property owned by

the policyholder or a relative of the policyholder against

damage caused by fire, earthquake, or other natural disaster.

Payment is also made upon death or serious injury of the

policyholder or family members due to fire, earthquake, or

other natural disaster.

Additionally, if the insured buildings or movable property

survive intact beyond the maturity date, this insurance

supplies funds for reconstruction or repurchase.

The JA Group is unique in its ability to provide life and non-life

insurance, thus offering comprehensive coverage to match

each member’s lifestyle.

Coverage can be divided into two basic types, long-term and

short-term insurance. The kinds of insurance offered are

outlined below.

Insurance Offered

• Comprehensive Life Insurance

1. Whole Life Insurance 2. Endowment Life Insurance 3. Term Life Insurance 4. Annuity Insurance 5. Children's Insurance 6. Medical Insurance 7. Term Medical Insurance 8. Cancer Insurance

• Group Term Life Insurance• Fixed-Amount Life Insurance

LIFE INSURANCE

LONG-TERM INSURANCE(five or more years)

SHORT-TERM INSURANCE(less than five years)

NON-LIFE INSURANCE • Building Endowment Insurance

ItemType

“Life Advisers” – Trained Insurance ConsultantsLife Advisers Representing the Primary SocietiesInsurance schemes are becoming more sophisticated and

complicated at the same time that customer needs are becoming

more varied. In this environment, customers need someone they

can turn to for helpful, accurate information.

The primary societies have been meeting these needs since fiscal

1994, when they began training “life advisers.” As of the end of

March 2009, 21,857 life advisers have been helping customers

throughout the country. Life advisers not only serve as a pipeline

between customers and the primary societies, they also provide

sound advice and information on all aspects of members’

insurance needs from the members’ standpoints. In addition, they

undertake a host of activities aimed at ensuring total customer

satisfaction.

For advice and information related to insurance, members are

encouraged to visit the nearest primary society or the customer

service section at the headquarters, or to simply call on the phone.

• Automobile Insurance• Automobile Liability Insurance• Fire Insurance• Cooperative-Owned Building Fire Insurance• Personal Accident Insurance• Liability Insurance• Volunteer Comprehensive Insurance

TYPES OF INSURANCETYPES OF INSURANCE


Investment Policy The majority of our investments of funds deposited with

Zenkyoren are in long-term, fixed-interest financial products,

and we are faced with the need to make additional provisions

to our liability reserves each fiscal year. In view of these

circumstances, we have adopted a medium-to-long-term

approach to investment, centered on bonds meeting the

requirements for liability reserve, with the aim of securing

stable earnings over the long term.

Specifically, to secure stable earnings over the long term, we

focus our investment on yen-denominated bonds and loans to

companies with sound financial positions. In parallel, we are

reinforcing our investment in equities, and are adjusting our

portfolio to improve the soundness of our assets and raise

investment profitability.

Current Situation of Asset Management Our working assets at the end of fiscal 2008 amounted to

¥41,276.2 billion. Public and corporate bonds accounted for

81.3% of our asset portfolio, loans receivable for 6.8%,

equities for 2.0%, and foreign securities for 5.1%. Investments

denominated in foreign currencies accounted for 2.1% of our

asset portfolio.

To promote agricultural productivity, we also offer a special

low-interest loan program to farmers – something that sets us

apart from ordinary life insurance providers and helps return

benefits to farming communities.

International InvestmentsIn its overseas investments, Zenkyoren pays extremely close

attention to exchange risks, country risks and other risks, as

we invest primarily in foreign currency-denominated bonds and

foreign equities and in yen-denominated loans and bonds for

foreign governments. Our subsidiaries in New York (ZAMA) and

London (ZEL) undertake support activities related to securities

investments, overseas investments, and so on.

Reinsurance ActivitiesCurrent Situation of Reinsurance Activities

As part of risk management in respect of major natural perils,

risks deriving from Building Endowment policies,

Cooperative-Owned Building Fire policies, and retrocession

risks from the National Agricultural Insurance Association are

ceded to multiple reinsurers.

Selecting Reinsurers

Reinsurance Panel in Zenkyoren is stringently selected

considering the following elements.

Past performance of each reinsurance company

Credit ratings by third-party rating agencies

Financial strength

Diversification of the risk portfolio by utilization of reinsurance

contributes to a firm and stable business operation.

Investment Environment At the beginning of fiscal 2008 the yield on 10-year Japanese

Government Bonds (JGBs) – the prime indicator of domestic

long-term interest rates – stood at 1.35%. From that point, the

yield followed an upward path as a result of fears of inflation

due to the rise in prices of crude oil and raw materials, reaching

1.88% in June. Subsequently, the 10-year JGB yield fell to

1.16% by December, in line with the rapid deterioration of the

real economy, expectations of a prolonged recession, and the

Bank of Japan’s cutting of the key policy rate (uncollateralized

overnight call rate). The yield ended the fiscal year at 1.34%.

In the domestic stock market scene, the Nikkei 225 Average

started off fiscal 2008 at ¥12,656.42 and rose to ¥14,489.44

in June against the backdrop of the yen’s depreciation and the

temporary ebbing of fears of a global credit crunch. In

September, however, the bankruptcy of Lehman Brothers and

the subsequent rapid deterioration of the real economy caused

stock prices to plunge worldwide. In March 2009 the Nikkei

had fallen to a new post-Bubble low of ¥7,054.98 (also, in fact,

the Nikkei’s lowest level for 26 years). The key index then

rallied on the back of the U.S. government’s announcement

of the Public-Private Investment Program, a large-scale

economic stimulus package in Japan, and the yen’s

depreciation. The Nikkei had slightly recovered to ¥8,109.53

by the end of the fiscal year.

On the foreign exchange markets, the yen stood at ¥99.84/$1

at the start of fiscal 2008. The dollar was then bought on

expectations of higher interest rates in the U.S. and against the

backdrop of worsening economic indicators in the euro zone,

and the yen weakened to ¥110.29/$1 in August. Thereafter, the

collapse of major U.S. financial institutions accompanied by

government bailouts and the pull-down in key interest rates led

to dollar selling, and the yen appreciated to a 13-year high in

December, at ¥87.45/$1. From early January, hopes for a U.S.

led recovery against the backdrop of the new Obama

administration’s stimulus measures, leading to an appreciation

of the dollar against the other major currencies. At the fiscal

year-end the yen’s value had fallen back to ¥98.23/$1.

Highlights of Investment in Fiscal 2008

With the aim of building a solid, long-term earnings base,

Zenkyoren invested principally in yen-denominated bonds and

debt instruments. Amid a steadily worsening economic

situation and a global financial crisis, we have been holding

back on the acquisition of new equity investments since the

start of 2009 and generally adopting a cautious investment

stance.

Zenkyoren Asset Managementof America, lnc. (ZAMA), New York

Zenkyoren Europe Limited (ZEL),London

The Staff of ZAMA (from left)Mary Taylor Keisuke Higuchi

Shota Kobayashi Masaru Tanabe

Shinichi Narui

The Staff of ZEL (from left)Yasuhiro Hidaka Elizabeth Ottewell

Keiji Sato Yoshihide Hosono

Koji Matsumura

ASSET MANAGEMENT REINSURANCE BUSINESS

ANNUAL REPORT 20098 ANNUAL REPORT 2009 9

Highlights of Investment in FY2008

Working Assets (Trillion ¥)

(FY) 2004 2005 2006 2007 2008

50

40

30

42.4 41.2

20

10

0

43.1 42.141.5

Miscellaneous items 1.8%

Real estate investments 0.6%

Cash, bank deposits, and call loans 1.8%

Loans receivable 6.8%

Other securities 0.6%

Equities 2.0%

Foreign securities 5.1%

Public and corporate bonds 81.3%

Breakdown of Working AssetsSecurities 89.0%

Strengthening International TiesZenkyoren’s international activities include serving as

a member of the International Co-operative Alliance (ICA),

a worldwide association of cooperatives, and as a member of

the International Cooperative and Mutual Insurance Federation

(ICMIF), a special committee of the ICA. We also serve as the

secretariat of ICMIF's Asia and Oceania Association (AOA).

As the AOA Secretariat, Zenkyoren provides these

opportunities for the promotion of information exchange

among members in different countries, improving

understanding of insurance, and supporting the development

and expansion of cooperative insurance organizations.

Zenkyoren supports these events through its participation in

ICMIF and AOA activities.

In addition, Zenkyoren actively engages in personnel

exchanges with cooperative insurance organizations, aiming to

promote information exchange and better mutual

understanding.

Online NetworkZenkyoren’s operations span the country. Accordingly, we

have developed one of the world’s most extensive online

networks, designed to link all our operations. We process data

from across Japan at a sophisticated computer center in

eastern Japan. Our online network promotes efficient,

streamlined operation and allows us to communicate in

real-time with policyholders around the nation.

We are in the process of expanding and strengthening our

nationwide online network by implementing a new business

application system called “Kind’s 06” (JA Kyosai Information

Network Developed System 2006). This advanced system is

designed to further expedite our business operations. We are

also working to provide better support for sales promotion,

such as by updating our portable terminals.

Ishioka Center, Ibaraki

Kawasaki Center, Kanagawa

Makuhari Training Center, Chiba

Human Resource DevelopmentZenkyoren’s Human Resource Development Guidelines are

aimed at fostering people capable of meeting the expectations

and earning the trust of cooperative members and

policyholders in local communities. Under these guidelines we

are working to develop employees who share the Zenkyoren

philosophy and bring specialized skills and knowledge to their

respective fields.

The Makuhari Training Center

A new training facility was founded at the Makuhari New

Center in Chiba Prefecture in April 2006, when a training base

was relocated from Atsugi City in Kanagawa Prefecture.

Zenkyoren’s Makuhari Training Center is a facility that provides

comprehensive training relevant to the operations of Zenkyoren,

such as in automobile, property and medical insurance in

addition to general training in the insurance business.

Adequate Training Facilities

The Makuhari Training Center has classrooms for various types

of training courses, such as small-group discussions and

lectures for a large number of trainees, classrooms and

exhibition rooms for trainees to effectively learn expertise and

skills in comprehensive life insurance, building endowment

insurance, and automobile insurance.

Zenkyoren’s Contribution to AOA

For more than 20 years since the foundation of the association

in 1984, directors of Zenkyoren have served as chairmen of the

AOA, and Zenkyoren has also served as its Secretariat. These

are examples of Zenkyoren’s contribution to the cooperative

and mutual insurance movement in Asia and the Pacific region.

AOA Activities

AOA General Meetings are held once every two years to

discuss the association's policy direction, financial position,

operations and so on.

AOA seminars mainly for executives and senior managers, and

AOA forums mainly for the staff of member organizations are

held for the purposes stated above such promoting information

exchange.

AOA Forum

INTERNATIONAL INITIATIVES DOMESTIC INITIATIVES


Global Partnership

ICAInternational Co-operative Alliance

AMENA Association Middle East

and North Africa

ICMIFInternational Cooperative andMutual Insurance Federation

AMICEAssociation of Mutual Insurers

and Insurance Cooperatives in Europe

AAC / MIS Americas Association of Cooperative

and Mutual Insurance Societies

AOAAsia and Oceania Association

(49 members from 15 countries)

Special Committee

Regional Associations

Since the aging trend is more prominent in farming

communities than in urban communities, we provide a traffic

safety course in which exercises easy enough for anyone and

laughter are combined, based on our newly developed original

programs for senior citizens, “Traffic Safety Rainbow Exercise”

and “Traffic Safety Comic Monologue.”

Since 2008 we have been offering advice on safer driving,

using special vehicles equipped with driving simulators, based

at eight locations around the country. Participants can learn

the do’s and don’ts of safe driving through simulations of

situations with a high accident probability.

Nationwide Tour to Show Musicals on Traffic Safety

From fiscal 2004, we began sponsoring musical-style traffic

safety classes targeted mainly at kindergarten children and

their guardians.

In this musical, children can experience a pedestrian crossing

on the stage. While the barrier between the audience and the

stage is dissolved to create a single space, the program gives

children an opportunity to effortlessly learn traffic safety rules.

Health Care and Social ActivitiesAs a complement to our insurance operations, Zenkyoren

provides a host of human welfare services aimed at promoting

better health and well-being for cooperative members and

others in the community.

Health Care

To help our cooperative members enjoy better health and

longer lives, Zenkyoren promotes health exams and medical

checkups aimed at the early detection of disease.

Members can obtain information and advice from the

Zenkyoren Health Care and Nursing Care Helpline.

We also organize campaigns aimed at raising awareness of

health issues and encouraging members to follow healthier

lifestyles. We also provide support for health-oriented activities,

such as the “Rainbow Exercise” program that we developed.

The Nakaizu and Beppu Rehabilitation Centers

In 1973 Zenkyoren established rehabilitation centers in Nakaizu

(Shizuoka Prefecture) and Beppu (Oita Prefecture), for people

with physical disabilities as a result of traffic accidents or other

mishaps. The centers provide a wide range of services,

including physical rehabilitation, occupational therapy, and

socialization training. Our comprehensive range of human

welfare and rehabilitation services makes a positive

contribution to the lives of members in need of help.

Service Dogs

We support activities to train and familiarize “service dogs” to

assist those with disabilities as a result of traffic or other

accidents with everyday tasks.

Through providing research support to the Japanese Service

Dog Resource Academy, Japan’s only such academic

organization, business support to Support Dog Association,

and conducting activities to promote understanding towards

acceptance of service dogs, we help those with disabilities

become independent and participate in society.

Actively Working on Traffic Safety Campaign

We participate in the national traffic safety campaign staged in

spring and autumn, and from July to September every year we

run the Zenkyoren National Traffic Safety Campaign. In this

campaign, we link up with local government bodies, the police,

and others and make a positive contribution to local traffic

safety campaign by holding traffic safety classes, distributing

traffic safety posters and other materials, handing out

reflective night seals to the elderly and others, and donating

hats and traffic safety booklets to kindergarten and primary

school pupils.

Traffic Safety Course for Senior Citizens

Considering the increasing number of traffic accidents that

involve senior citizens, Zenkyoren promotes the education of

senior citizens in traffic safety measures to reduce the

incidence of such traffic accidents.

Cultural ActivitiesIn order to convey the spirit of cooperation, the so called

“mutual assistance” to elementary and junior high school

students, nurture creativity, and let as many people as possible

feel the importance of traffic safety through raising awareness

of the Japanese culture of calligraphy and art education,

Zenkyoren has sponsored calligraphy and traffic-safety poster

contests to help reduce traffic accidents.

In fiscal 2008 we held our 52nd calligraphy contest and our

37th traffic-safety poster contest. Both contests are the largest

of their kind. Students across the country submitted over

1,440,000 entries to the calligraphy contest and more than

160,000 entries to the traffic safety poster contest.

Synopsis“Mamoru Wataru” is a cheerful imaginary character used to teach the basics of traffic safety to kindergarten children. Because he is somewhat naughty, he is sent by the principal into the world of humans to learn. There he meets a kindergarten child named Sunao and a police officer. With the assistance of those two people, he grows up learning all about traffic rules, including the meaning of traffic signals and how to use pedestrian crossings.

Service dog support poster

(Photos by Japanese Service Dog Resource Academy)

Service dog fetching a newspaper

The Nakaizu Rehabilitation Center

The Beppu Rehabilitation Center

Calligraphy and Traffic-Safety Poster Contest in FY2008

SOCIAL RESPONSIBILITIES


SOCIAL RESPONSIBILITIES

Type of Insurance

FY2008 FY2007

Policies(Thousands)

AnnualAmount

(Billions of Yen)

Annuity Insurance

New Business

Policies in Force

206

3,168

141

1,966

Policies(Thousands)

AnnualAmount

(Billions of Yen)

217

3,131

160

1,951

*Annual amount insured

(Billion ¥)

(FY) 2004 2005 2006 2007 2008

2,000

1,500

1,000

500

0

Total AssetsOur working assets at the end of fiscal 2008 amounted to

¥43.2 trillion (US$439.9 billion), representing a decline of 0.7%

from the start of the fiscal year, owing to unrealized losses on

securities holdings caused by the deterioration in the capital

markets, as well as an increase in payments accompanying an

increased number of policies reaching maturity.

Type of Insurance

FY2008 FY2007

Policies(Thousands)

Amount(Billions of Yen)

Long-Term Insurance, New Business

Long-Term Insurance (New Business, Policies in Force) While conditions in the agricultural business remained very

difficult, sales of new long-term insurance policies, in terms of

the amount insured, totaled ¥27.2 trillion (US$277.6 billion) in

fiscal 2008. This figure was a decline of 11.3% from the

previous fiscal year, in spite of an increase of 7.3% in the

number of new contracts.

Total policies in force amounted to ¥330.1 trillion

(US$3.3 trillion), a decline of 3.2% from the previous year, as a

result of an increase in policies reaching maturity.

We sold 206,914 new annuity insurance policies, representing

an annual amount of ¥141.7 billion (US$1.4 billion). The number

of new policies dropped by 5.1% and the annual amount of

new policies by 11.7% compared with the previous year.

However, policies in force showed a slight increase both in the

number of policies and in annual amount.

Total

Note: Figures for Annuity Insurance are not included in the above statistics.



Others

2,219

1,405

811

2

27,272

15,240

12,030

1

Policies(Thousands)


2,068

1,240

826

1

30,758

17,767

12,989

1

Type of Insurance

FY2008 FY2007

Policies(Thousands)


Long-Term Insurance, Policies in Force

Total

Note: Figures for Annuity Insurance are not included in the above statistics.



Others

25,814

13,877

11,928

9

330,190

177,146

153,034

8

Policies(Thousands)


26,520

14,106

12,404

9

340,948

185,273

155,665

8

*Amount insuredBuilding Endowment InsuranceComprehensive Life Insurance

(Trillion ¥)

(FY) 2004 2005 2006 2007 2008

400

300

200

100

0

*Amount insuredBuilding Endowment InsuranceComprehensive Life Insurance

(Billion ¥)

(FY) 2004 2005 2006 2007 20080

35,000

30,000

25,000

20,000

15,000

10,000

5,000Type of Insurance

FY2008 FY2007

Policies(Thousands)

Premiums(Millions of Yen)

Short-Term Insurance, New Business

Total

Note: Cooperative-Owned Building Fire Insurance, Fixed-Amount Life Insurance, and Liability Insurance are included in “Others.”

Fire Insurance

Automobile Insurance

Personal Accident Insurance

Group Term Life Insurance

Automobile Liability Insurance

Others

26,274

1,392

8,448

12,301

211

3,447

473

346,149

12,672

244,926

9,757

22,299

50,273

6,220

Policies(Thousands)

Premiums(Millions of Yen)

26,513

1,393

8,443

12,341

204

3,658

470

366,200

12,390

246,234

10,131

21,719

69,675

6,049

*Premiums receivedOthersFire InsurancePersonal Accident InsuranceGroup Term Life InsuranceAutomobile Liability InsuranceAutomobile Insurance

(Billion ¥)

(FY) 2004 2005 2006 2007 20080

400

300

200

100

Short-Term InsuranceShort-term insurance policies for fiscal 2008 decreased to

26,274,252 in number, a drop of 0.9% from the previous term.

These contracts represent premiums received of ¥346.1 billion

(US$3.5 billion), a decrease of 5.5%.

BUSINESS OPERATIONS


BUSINESS OPERATIONS

As of March 31, 2009 and 20081US$=98.23JPY (as of March 2009)

Claims Paid (Long-Term and Short-Term Insurance)Total claims paid (including payments at maturity and accident)

in fiscal 2008 totaled ¥4.1 trillion (US$41.9 billion), an increase

of 6.0% from the previous year. Claims paid out at maturity

accounted for ¥3.2 trillion (US$32.7 billion), an increase of

10.0% from the previous year, while accident payments were

¥0.9 trillion (US$9.1 billion), a decrease of 6.1%.

Insurance payments made in compensation for losses suffered as

a result of natural disasters

Main payments made in FY2008

• June 2008 (damage caused by Iwate-Miyagi Nairiku Earthquake,

mainly in Iwate and Miyagi prefectures) :

7,933 cases totaling ¥6,060 million

July 2007: damage caused by Niigata Chuetsu off-shore Earthquake mainly in Niigata and Nagano prefectures31,837 casestotaling ¥31,470 million

Insurance payments made in FY2008 by Building Endowment Insurance for damage to

property suffered as a result of natural disasters

¥18,600 million (down 68.6% year-on-year)

Type of Insurance

FY2008 FY2007

(Billions of Yen) (Billions of Yen)

Long-Term Insurance, Claims Paid

Total

Note: Figures for Annuity Insurance are included in the above statistics.



Others

Accident Maturity

635

565

69

0

3,180

1,954

1,224

2

Total

3,816

2,520

1,294

2

Accident Maturity

695

582

113

0

2,889

1,858

1,030

0

Total

3,585

2,440

1,143

0

*Claims paidMaturityAccident

(Billion ¥)

(FY) 2004 2005 2006 2007 20080

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

*Claims paidOthersFire InsurancePersonal Accident InsuranceGroup Term Life InsuranceAutomobile Liability InsuranceAutomobile Insurance

(Billion ¥)

(FY) 2004 2005 2008 2007 20080

300

250

200

150

100

50

Type of Insurance

FY2008 FY2007

Short-Term Insurance, Claims Paid

Total

Note: Cooperative-Owned Building Fire Insurance, Fixed-Amount Life Insurance, and Liability Insurance are included in “Others.”

Fire Insurance

Automobile Insurance

Personal Accident Insurance

Group Term Life Insurance

Automobile Liability Insurance

Others

(Millions of Yen)

259,139

6,170

187,153

8,209

13,884

41,988

1,733

(Millions of Yen)

257,176

5,465

186,808

7,471

13,816

41,930

1,684

BUSINESS OPERATIONSBUSINESS OPERATIONS


(Trillion ¥)

(FY) 2004 2005 2006 2007 2008

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.50

Others ¥117 billion

Payments for damage covered by Building Endowment Insurance ¥69 billion

Payments for Building Endowment Insurance at maturity ¥1,224 billion

Payments for damage covered by Automobile Insurance ¥187 billion

Payments for death covered by Comprehensive Life Insurance ¥565 billion

Payments for Comprehensive Life Insurance at maturity ¥1,954 billion

Breakdown of Claims Paid3.58 3.493.66

Sept. 2004: damage caused by Typhoon No. 18 (Songda) in Yamaguchi, Kumamoto, Fukuoka and other prefectures 284,361 cases totaling ¥108,050 million

Oct. 2004: damage caused by Niigata Chuetsu Earthquake mainly in Niigata and Gunma prefectures 87,622 cases totaling ¥77,340 million

Oct. 2004: damage caused by Typhoon No. 23 (Tokage) mainly in Hyogo, Kyoto, and Okayama prefectures 78,476 cases totaling ¥40,440 million

Jan. 1995: damage caused by Great Hanshin Earthquake (“Kobe earthquake”) mostly in Hyogo, Osaka, and Kyoto prefectures 101,534 casestotaling ¥118,880 million

Sept. 1991: damage caused by Typhoon No. 19 (Mireille) across the whole country 438,405 cases totaling ¥148,820 million

Sept. 1999: damage caused by Typhoon No. 18 (Bart) in Kumamoto, Yamaguchi and other prefectures 179,978 cases totaling ¥63,690 million

Sept. 2005: heavy rain in Miyazaki, Kagoshima, Oitaand other prefectures 39,979 cases totaling ¥29,330 million

Sept. 1998: damage caused by Typhoon No. 7 (Viki) mostly in Nara, Mie, and Wakayama prefectures 84,755 cases totaling ¥27,050 million

4.113.88

INCOME STATEMENT

Premiums and Other Insurance IncomeReversal of Policy ReservesInvestment IncomeOther Ordinary Income

Benefits and Other Insurance ExpensesProvisions for Policy ReservesInvestment ExpensesProvisions for Price Fluctuation ReservesSales ExpensesGeneral Administration ExpensesOther Ordinary Expenses

Ordinary ProfitsExtraordinary ProfitExtraordinary Losses

Ordinary Income:

Ordinary Expenses:

Surplus before TaxesCorporate and Other TaxesAdjustments in Corporate Tax. etc.Provisions for Policy Dividend Reserves

¥ 5,528,428107,075858,834

4,303

¥ 5,496,857336,324437,785

–23,915

107,34425,101

¥ 71,31397,3601,898

¥ 166,77447,5635,663

99,142

¥ 6,498,641

¥ 6,427,328

¥ 4,766,416385,498865,465

5,153

¥ 5,410,23576,373

108,70434,31424,292

109,42523,620

¥ 235,5667,0472,577

¥ 240,036128,45176,71494,532

¥ 6,022,533

¥ 5,786,966

$ 56,280,4481,090,0458,743,095

43,809

$ 55,959,0493,423,8454,456,734

–243,461

1,092,785255,540

$ 725,980991,14419,325

$ 1,697,799484,20657,656

1,009,287

Net Surplus for the YearBalance Brought Forward from the Previous YearReversal from Voluntary ReservesUnappropriated Surplus at End of the Year

¥ 25,73213,62921,15960,521

¥ 93,76718,27220,900

132,940

$ 261,961138,754215,406616,123

$ 66,157,398

$ 65,431,417

Millions of Yen Thousands of U.S. Dollars

FY2008 FY2008FY2007


Assets

LiabilitiesSurplus

Expenses

Net Assets

Cash and DepositsCall LoansMoney TrustMonetary Claims BoughtSecuritiesLoansInvested Real EstateOutstanding PremiumsReins. ReceivablesInsurance FundsOther AssetsFixed Assets for BusinessCapital LoansInvestmentsDeferred AssetsDeferred Tax AssetsReserves for Bad DebtsReserves for Investments Loss

Outstanding ReservesLiability ReservesDividends ReservesReins. PayablesAgencies PayablesInsurance FundsOther LiabilitiesOther ReservesPrice Fluctuation ReservesFunds for Traffic Accident-Prevention

Paid-in CapitalTreasury Paid-in capitalEarned Surplus ReservesUnappropriated Surplus at End of the YearOther SurplusNet Unrealized Gains on Securities

¥ 530,38839,990,328

519,29813,957

1176,637

83,44842,239

457,914–

¥ 128,78529

239,70960,521

1,197,66360,570

¥ 41,644,330

¥ 182,788545,00025,100

718,76736,723,4622,818,682

262,463238,99910,405

–192,17392,205

100,000326,572

–1,000,223

24,1892,245

¥ 43,210,410

¥ 466,61839,734,657

515,25314,148

10410,699

216,64045,266

549,790–

¥ 41,553,180

$ 5,399,452407,109,120

5,286,554142,094

1,19867,571

849,520430,001

4,661,654–

$ 1,311,061296

2,440,287616,123

12,192,441616,621

$ 439,890,165

$ 423,947,169

$ 1,860,8255,548,203

255,5277,317,185

373,851,80028,694,7212,671,9322,433,062

105,925–

1,956,364938,671

1,018,0183,324,572

–10,182,460

246,24922,857

Total Assets

Total Liabilities

Note: Fiscal 2008 refers to the period from April 1, 2008 to March 31, 2009.

Millions of Yen Thousands of U.S. Dollars

FY2008 FY2008FY2007

BALANCE SHEET


( )( )

¥ 165,335476,80025,113

290,39138,128,2312,822,104

217,693171,014

5,083–

236,48888,805

–101,736

–807,52416,3962,505

¥ 43,517,423

( )( )

( ) ( ) ( )

( )

( ) ( )

( )

( ) ( )( )

¥ 1,566,080

¥ 128,81457

220,955132,940

1,123,427358,161

¥ 1,964,242 $ 15,942,996Total Net Assets

Income

Total Ordinary Expenses

Total Ordinary Income


Supervisory BoardChairman

Shunichiro Yasuta

Deputy Chairman

Katsumi Hanamoto

Iwao Okuno

Asakazu Amano

Masuo Nakamura

Kuniyuki Sakane

Nobuo Yamamoto

Toshihiro Miyatake

Ryou Nishiuchi

Katsuyoshi Yamanaka

Koichi Kawaida

Anyu Onaha

Naoshi Suzuki

(As of July 30, 2009)

Board of DirectorsPresident

Kazumi Imao

Senior Managing Director

Yoshinori Yokoi

Kenji Sugiyama

Managing Director

Shinichi Miyamoto

Masakazu Maezawa

Tamotsu Shozui

Shoichi Kawatake

Junsei Nakamura

Yasunori Yoda

Mototsugu Shimasaki

Board of AuditorsStanding Auditor

Hiromi Watahiki

Kazuaki Nakamura

Haruji Tsukatani

Auditor

Hideki Wakai

Kimito Amari

ZenkyorenAkasaka Twin Tower East2-17-22 Akasaka, Minato-ku,Tokyo 107-8530, JapanTel: +81-3-5215-9108 (International Affairs)

+81-3-5215-9248 (International Finance)+81-3-5215-9390 (Reinsurance)

Fax:+81-3-5215-9484E-mail: [email protected]

Zenkyoren Asset Management of America, Inc.340 Madison Avenue, 4F Suite DNew York, NY 10173, U.S.A.Tel: +1-212-826-3644Fax: +1-212-826-3814

Zenkyoren Europe Limited7th Floor, 62 Cornhill London EC3V 3NH, U.K.Tel: +44-20-7283-9568Fax: +44-20-7283-0545

SUPERVISORY BOARD, BOARD OF AUDITORS AND BOARD OF DIRECTORS HISTORY


1947 • Agricultural Cooperative Society Law enacted

1948 • Agricultural Mutual Insurance business started in Hokkaido

1951 • National Mutual Insurance Federation of Agricultural Cooperatives

(Zenkyoren) established

• Launched operation of Cooperative-Owned Building Fire

Insurance

1952 • Launched operation of Endowment Life Insurance

1953 • Launched operation of Building Endowment Insurance

1955 • Launched operation of Fire Insurance

1958 • Completed establishment of 46 Prefectural Federations, one for

each of the prefectures in Japan

(with the exception of Okinawa, then under U.S. jurisdiction)

1961 • Launched operation of Children’s Insurance

1962 • Launched operation of Group Term Life Insurance

1963 • Launched operation of Automobile Insurance

1964 • Joined the insurance committee of International Co-operative

Alliance (ICA)

1966 • Launched operation of mandatory Automobile Liability

Insurance

1969 • Opened Atsugi Staff Training Center in Kanagawa prefecture

• Launched operation of Personal Accident Insurance

1972 • Established Okinawa Prefectural Federation

• International Cooperative Insurance Federation (ICIF) was

derived from ICA and Zenkyoren became a member of ICIF

1973 • Opened Nakaizu and Beppu Rehabilitation Centers in Shizuoka

and Oita prefectures

1974 • Online network system between National Federation and

Prefectural Federations went into operation

• Launched operation of long-term Life Insurance

1980 • Launched operation of Agricultural Machinery Insurance

• Launched operation of Agricultural Machinery Endowment

Insurance

1981 • Launched operation of Annuity Insurance

1983 • Launched operation of Whole Life Insurance

1984 • Opened Zenkyoren Automotive Training Center in Kanagawa prefecture

• Asia and Oceania Association (AOA) was set up as a regional

association of ICIF

1985 • Opened Zenkyoren Osaka Center in Osaka prefecture

1988 • Established Zenkyoren Automotive Training Center Co., Ltd.

• Established Zenkyoren Asset Management of America, Inc.

1989 • Launched operation of Liability Insurance

• Online network system for local Agricultural Cooperatives went

into operation

• Established Zenkyoren Europe Limited

1990 • Launched operation of Group Endowment Insurance

1992 • ICA/ICIF held International Congress in Tokyo

1993 • ICIF changed its structure and was renamed ICMIF (International

Cooperative and Mutual Insurance Federation)

1994 • Set up Health Care Helpline

• Opened Ishioka Center in Ibaraki prefecture

2000 • National and Prefectural Federations integrated

2001 • Formed business alliance with The Kyoei Fire & Marine

Insurance Company, Limited

2002 • Launched Zenkyoren Happy & Dream Club (Membership club

for policyholders)

• Launched operation of Cancer Insurance

• Launched operation of Defined Contribution Annuity

Insurance

• Supervisory Board System introduced

2003 • The Kyoei Fire & Marine Insurance became a subsidiary

• Launched operation of Medical Insurance

2004 • Opened Kawasaki Center in Kanagawa prefecture

• AOA’s 20th anniversary event held in Tokyo

2005 • Opened Zenkyoren East and West Japan Underwriting Centers

in Kanagawa and Osaka prefectures

• Insurance Agency system introduced

2006 • Opened Makuhari Training Center in Chiba prefecture

2007 • Launched 3Q Visit Project (person-to-person visits to all

members and policyholders)

2008 • Launched a new type of single-premium Endowment Life

Insurance for policyholders with reaching maturity

Board SystemSince 2002, Zenkyoren, as the cooperative insurance

organization for the agricultural cooperatives, has employed

the following board system to deal with rapid changes in

the business environment, to respond to a wide range of

businesses, and, most importantly, to reflect the opinions

and feedback of members more adequately.

1. The Supervisory Board determines important matters

such as fundamental policies, and supervises business

operations of the Board of Directors on behalf of the

members.

2. The Board of Directors executes daily business operations.

3. The Auditors inspect business operations for both the

Supervisory Board and the Board of Directors.

Other Members of the Supervisory Board

Kazuo Kimura

Toshio Yasuda

Hiromu Ichinosawa

Masashi Ehara

Kiyoshi Ishii

Hisanobu Hirose

Toshiomi Yamada

Tadatoshi Okada

Iwao Kurauchi

Yasuhiro Nakagawa

national mutual insurance federation of …...ja group’s agricultural cooperative insurance...

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